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Revenue and Accounts Receivable | 12 Months Ended
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Dec. 31, 2025
Revenue from Contract with Customer [Abstract] |
Revenue and Accounts Receivable | Revenue and Accounts Receivable The following table presents revenue recognized by the Company for the years ended December 31, 2025, 2024 and 2023:
|  |  | For the Years Ended December 31,
|  |  |  |  | 2025 |  | 2024 |  | 2023
Investment Banking & Equities: |  |  |  |  |  |  |  |  |
Advisory Fees |  |  |  |  | $ | 3,267,087 |  |  | $ | 2,440,605 |  |  | $ | 1,963,857 |
Underwriting Fees |  |  |  |  | 179,647 |  |  | 157,067 |  |  | 111,016 |
Commissions and Related Revenue |  |  |  |  | 242,685 |  |  | 214,045 |  |  | 202,789 |
Total Investment Banking & Equities |  |  |  |  | $ | 3,689,419 |  |  | $ | 2,811,717 |  |  | $ | 2,277,662 |
Investment Management: |  |  |  |  |  |  |  |  |
Asset Management and Administration Fees: |  |  |  |  |  |  |  |  |
Wealth Management |  |  |  |  | $ | 87,356 |  |  | $ | 79,550 |  |  | $ | 67,041 |
Total Investment Management |  |  |  |  | $ | 87,356 |  |  | $ | 79,550 |  |  | $ | 67,041 |
Contract Balances The change in the Company’s contract assets and liabilities during the following periods primarily reflects timing differences between the Company’s performance and the client’s payment. The Company’s receivables, contract assets and deferred revenue (contract liabilities) for the years ended December 31, 2025 and 2024 are as follows:
| For the Year Ended December 31, 2025
| Receivables (Current)(1) |  | Receivables (Long-term)(2) |  | Contract Assets (Current)(3) |  | Contract Assets (Long-term)(2) |  | Deferred Revenue (Contract Liabilities)(4) |  |
Balance at January 1, 2025 | $ | 421,502 |  |  | $ | 101,314 |  |  | $ | 62,379 |  |  | $ | 14,477 |  |  | $ | 3,582 |  |  |
Increase | 134,310 |  |  | 28,539 |  |  | 85,065 |  |  | 13,428 |  |  | 2,413 |  |  |
Balance at December 31, 2025 | $ | 555,812 |  |  | $ | 129,853 |  |  | $ | 147,444 |  |  | $ | 27,905 |  |  | $ | 5,995 |  |  |
| For the Year Ended December 31, 2024
| Receivables (Current)(1) |  | Receivables (Long-term)(2) |  | Contract Assets (Current)(3) |  | Contract Assets (Long-term)(2) |  | Deferred Revenue (Contract Liabilities)(4) |  |
Balance at January 1, 2024 | $ | 371,606 |  |  | $ | 93,689 |  |  | $ | 85,401 |  |  | $ | 5,845 |  |  | $ | 3,524 |  |  |
Increase (Decrease) | 49,896 |  |  | 7,625 |  |  | (23,022) |  |  | 8,632 |  |  | 58 |  |  |
Balance at December 31, 2024 | $ | 421,502 |  |  | $ | 101,314 |  |  | $ | 62,379 |  |  | $ | 14,477 |  |  | $ | 3,582 |  |  |
(1)Included in Accounts Receivable on the Consolidated Statements of Financial Condition. (2)Included in Other Assets on the Consolidated Statements of Financial Condition. (3)Included in Other Current Assets on the Consolidated Statements of Financial Condition. (4)Included in Other Current Liabilities on the Consolidated Statements of Financial Condition. The Company's contract assets represent arrangements in which an estimate of variable consideration has been included in the transaction price and thereby recognized as revenue that precedes the contractual due date. Under ASC 606, revenue is recognized when all material conditions for completion have been met and it is probable that a significant revenue reversal will not occur in a future period. The Company recognized revenue of $28,129, $23,302 and $29,587 on the Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023, respectively, that was initially included in deferred revenue within Other Current Liabilities on the Company’s Consolidated Statements of Financial Condition. Generally, performance obligations under client arrangements will be settled within one year; therefore, the Company has elected to apply the practical expedient in ASC 606-10-50-14. The allowance for credit losses for the years ended December 31, 2025 and 2024 is as follows:
|  |  | For the Years Ended December 31, |  |
|  |  |  |  | 2025 |  | 2024 |  |
Beginning Balance |  |  |  |  | $ | 2,253 |  |  | $ | 5,603 |  |  |
Bad debt expense, net of reversals |  |  |  |  | 5,635 |  |  | 2,334 |  |  |
Write-offs, foreign currency translation and other adjustments |  |  |  |  | (4,905) |  |  | (5,684) |  |  |
Ending Balance |  |  |  |  | $ | 2,983 |  |  | $ | 2,253 |  |  |
The change in the balance during the year ended December 31, 2025 is primarily related to an increase in the Company's reserve for credit losses, partially offset by the write-off of aged receivables. For long-term accounts receivable and long-term contract assets, the Company monitors clients’ creditworthiness based on collection experience and other internal metrics. The following table presents the Company’s long-term accounts receivable and long-term contract assets, primarily from the Company's private and secondary fund advisory businesses, as of December 31, 2025, by year of origination:
| Amortized Carrying Value by Origination Year
| 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  |  |  |  |  | Total
Long-term Accounts Receivable and Long-term Contract Assets | $ | 102,611 |  |  | $ | 38,812 |  |  | $ | 11,923 |  |  | $ | 4,346 |  |  | $ | 66 |  |  |  |  |  |  | $ | 157,758 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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